Cherry Bekaert: Professional Services

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Cherry Bekaert’s podcast for professional services companies where we discuss developing trends and market dynamics as well as tax and accounting tips that could impact your business.

  1. JUN 19

    Business Interruption Insurance: Key Concepts Explained

    Navigating Coverage, Claims and Complexities In the fast-paced world of professional services, where client trust and reputation are paramount, maintaining seamless operations is crucial. Business interruption insurance serves as a vital safety net, offering financial protection against unexpected disruptions, like natural disasters or cyberattacks.  By covering lost income and operating expenses during such events, this insurance helps firms maintain stability and focus on recovery, ensuring they continue to meet client needs without compromising their reputation. This podcast episode explores the world of business interruption insurance with Cherry Bekaert’s Forensic & Dispute Advisory Services team members, featuring Partner and Practice Leader Lori Smith, and Managing Directors John Collier and J.C. Tuthill. This episode is essential for business leaders looking to safeguard their operations against unexpected disruptions. Together, they discuss:  0:12 – The importance of understanding your insurance policy’s fine print to avoid inadequate coverage that could lead to serious financial setbacks. Navigate your policy's declaration page, including coverage types, limits, deductibles, and waiting periods, enabling comprehensive protection for your business. 3:39 – The process of calculating claims and the benefits of hiring independent forensic accountants to assess losses and maximize coverage accurately. Discover the impact of various coverages, such as ordinary payroll, extra expenses, civil authority coverage, utility failures and dependent property coverage on your claims. 11:07 – Practical advice on managing your insurance policies. Understand the importance of defined terms, endorsements, riders, and exclusions, and learn how to work proactively with insurance agents and forensic accountants. In the event of a loss, get tips on prompt reporting, loss mitigation and effective communication with insurance adjusters. Don’t miss this informative episode filled with practical advice and strategies to help your business stay resilient despite unforeseen challenges. If your clients or firm has any questions about business interruption insurance or how to prepare for a disruptive event, please reach out to our Forensic & Dispute Advisory Services team. Related Insights Article: Calculating and Recovering Lost Profits From Business InterruptionsArticle: Navigating Hurricanes and Tax Relief: Guidance from the IRS and State Tax AuthoritiesArticle: Ways to Effectively Manage Cyber Risk for Professional Services FirmsArticle: Get Ahead of Natural Disasters With Business Continuity Response & Disaster Recovery PlansView All Podcasts from this Series

    14 min

  2. 08/08/2024

    How To Manage Cyber Risk in the Professional Services Industry

    In the latest episode of Cherry Bekaert’s Professional Services podcast, we discuss the importance of cybersecurity, privacy and data security within the professional services industry. Scott Duda, Professional Services Industry Leader, is joined by Steve Ursillo, a Partner with Cherry Bekaert’s Information Assurance & Cybersecurity practice, as they explore the top cyber threats facing the industry.  Listen to learn more about: The top cyber threats facing the professional services industryWhy managing cyber risk is important for professional service organizationsHow cyber threats affect the overall well-being and operational integrity of professional service firmsWhat measures professional services firms should implement to reduce their exposure to cyber threatsHow Cherry Bekaert’s team assists professional service organizations to help manage the threat landscapeProfessional services firms can benefit from expert assistance to effectively manage their cybersecurity threats to better ensure compliance, protect client data and maintain operational integrity.  Cherry Bekaert’s Information Assurance & Cybersecurity practice offers a full range of cybersecurity, privacy, attest and risk mitigation services to help protect your information systems, data and people from cyber threats. Our team can assist in identifying relevant cyber and privacy risks to create practical solutions and plans to reduce the likelihood and impact of any potential system or data breaches. Don't wait until it's too late to protect your firm from cyber threats. Contact us today to collaborate with our professionals and tailor a flexible and scalable solution to meet a variety of cyber, privacy and risk needs.    Related Guidance Alert: Reducing Vulnerability: Strategies for Managing Cybersecurity Risks in IT Supply ChainsArticle: Third-Party Risk Management (TPRM): Top Strategies for Managing Vendor RisksWebinar Recording: Getting Ahead of CMMC Compliance: Latest Insights & How to PrepareArticle: The Imperative of Cybersecurity Vigilance to Safeguard Critical Assets in Light of Nation-State Threats [Questions? Contact Us] View All Podcasts from this Series

    17 min

  3. 09/18/2023

    Exploring System Reviews for A&E Firms

    Architectural & Engineering (A&E) firms that propose or work on government contracts may be required to have an adequate system review. In this episode of Cherry Bekaert’s Professional Services podcast, Brynn McNeil, an Audit Partner in the Firm’s Professional Services Industry practice, welcomes Eric Poppe, a Managing Director in our Government Contractor Industry practice, to discuss the types of systems reviews and the advantages these reviews can provide emerging small businesses.   Listen in to find out about:  The types of system reviews and why an A&E firm would need oneSize limitations and/or system limitations that A&E firms face when maintaining an adequate accounting systemDetermining the best time to get a system review and the length of validityUnderstanding who can perform these types of engagementsBest practices for preparing for a successful system reviewAnalyzing why a system review might be beneficial for an emerging small businessCherry Bekaert’s Professional Services team is well versed in guiding A&E firms in the development and maintenance of compliant business systems, performing systems assessments, providing audit support and preparing contractors for audits or reviews by the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA) or other cognizant agencies. If you have any questions specific to your business needs, Cherry Bekaert’s Professional Services team is available to discuss your situation with you. Related Resources: Podcast Series: Contractor Business SystemsPodcast: What Are Indirect Rate Overhead Audits and When Is It Required?Podcast: Form 7205: What A&E Firms Need To Know To Claim the Section 179D Tax DeductionArticle: The FAR Audit: Does Your Architectural/Engineering Firm Need One?View All Podcasts from this Series

    17 min

  4. 05/16/2023

    What Are Indirect Rate Overhead Audits and When Are They Required?

    Architectural & Engineering (A&E) firms that propose or work on government contracts may be required to provide overhead rates prepared in accordance with the Federal Acquisition Regulation (FAR). Many government agencies require that A&E firms have their overhead rates audited. In this episode of Cherry Bekaert’s Professional Service Podcast, Brynn McNeil, an Audit Partner in the Firm’s Professional Services Industry practice, welcomes Mandy Grivnovics, an Audit Senior Manager in our Professional Services practice. Together they define an indirect rate audit and its drivers. They also discuss key considerations and best practices to get through an indirect rate overhead audit. Listen in to find out about:  Overhead rate audits and their driversDetermining factors for A&E firms that work with State Departments of Transportation whether an audit is neededCritical audit components, including timekeeping/labor and cost allowabilityKey considerations relating to allowable costs and unallowable costsBest practices for preparing and successfully getting through an overhead rate auditIf you have any questions specific to your business needs, Cherry Bekaert’s Professional Service Assurance and Advisory team is available to discuss your situation with you. Related Resources: Webinar Recording: 2022 Professional Services Series: Understanding Overhead Rate BasicsArticle: The FAR Audit: Does Your Architectural/Engineering Firm Need One?View All Podcasts from this Series

    15 min

  5. 05/10/2023

    Form 7205 – What A&E Firms Need To Know To Claim the Section 179D Tax Deduction

    When the Inflation Reduction Act (IRA) was signed, it greatly increased the benefits of the Section 179D Energy Efficient Commercial Buildings Deduction (Section 179D) for A&E firms. A large part of the process when claiming the Section 179D deduction relies on keeping strict documentation. Form 7205 is a form in the claiming process that qualified businesses and individuals use to calculate the deduction, mark yourself as the designer or building owner, and provide information on the person performing the certification and completing the allocation. The Internal Revenue Service (IRS) released an updated Form 7205 in February 2023. In today’s Professional Services podcast, Cherry Bekaert leaders Scott Duda, Professional Services Industry Leader, and Ron Wainwright, Tax Credit & Incentive Advisory Partner, discuss: Background on Form 7205Form 7205 benefits for A&E firmsImpact of the IRA on A&E firm eligibility for Section 179D benefitsRequirements to qualify for Section 179D benefitsForm 7205 requirementsForm 7205 utilizationFuture focus areas for A&E firms in 2023Related Guidance New IRS Form 7205 for Returns Requiring Section 179D DocumentationHow Can A&E Firms Take Advantage of New Tax Credits in the Inflation Reduction Act?What the New Audit Technique Guidelines Mean for Cost SegregationView All Podcasts from this Series

    24 min

  6. 12/02/2022

    2022 Year-End Tax Planning for Professional Services Businesses

    What year-end, tax-saving steps can professional services businesses and their owners take? How can they prepare for tax law changes impacting 2023?  In this episode of Cherry Bekaert’s Professional Services podcast series, Dale Hrapchak, Tax Partner in Cherry Bekaert’s Professional Services Industry practice, and Amber Teague, Tax Partner in the Firm’s Private Client Services practice, discuss year-end tax planning at the entity and individual levels, including pertinent information for professional services businesses. Listen in to find out about:  Methods to reduce current year income for both accrual method basis and cash method basis taxpayersOther year-end planning considerations, including fixed assets and bonus depreciationEmployee Retention Credit (ERC)Research & Development (R&D) Tax CreditSection 179D Energy-Efficient Tax DeductionPass-thru entity considerationsTax planning, including quarterly projections to avoid surprisesPlanning around capital gains (potential loss harvesting)Retirement plans, including VIP retirement plans and health saving contributions to manage incomeCharitable contributionsYear-end gifting If you need help with year-end tax planning, Cherry Bekaert tax advisors are available to discuss your situation. We welcome the opportunity to identify tax planning opportunities for you and your company. View All Podcasts from this Series

    21 min

  7. 09/02/2022

    The Inflation Reduction Act Significantly Increases the Section 179D Energy Tax Deduction for A&E Firms

    The Inflation Reduction Act (IRA), signed into law on August 16, 2022, significantly increases IRC Section 179D energy tax deductions. These tax incentives are highly advantageous to architectural and engineering (“A&E”) firms responsible for the design components of government-owned, energy-efficient buildings. The IRA also extends the deduction to designers of commercial buildings owned by tax-exempt organizations, including not-for-profit organizations, churches and other religious organizations, tribal organizations, and not-for-profit schools and universities. Ron Wainwright, a Partner in Cherry Bekaert’s Tax Credits and Incentives Advisory group, joins Scott Duda, Leader of the Firm’s Professional Services Industry practice, to discuss how A&E firms can take advantage of these expanded tax incentives.  Listen in to find out about:  An overview of the Inflation Reduction ActHow the IRA will impact A&E firmsIRC Section 179D Changes45L Energy Efficient Home Credit ChangesWhat A&E firms should look out forIf you have any questions specific to your business needs, Cherry Bekaert’s Tax Credits & Incentives Advisory team is available to discuss your situation with you. Related Resources: Article: Inflation Reduction Act Nearly Triples Section 179D Tax IncentivesCase Study: Global A&E Firm Saves $2 Million with 179D Tax DeductionPodcast: The Benefits of using a CPA Firm to Perform Credits & Incentives ProjectsView All Podcasts from this Series

    21 min

  8. 08/04/2022

    Leveraging the 179D Energy Tax Deduction for Architecture and Engineering Firms

    IRC Section 179D energy tax deductions continue to provide opportunities and benefits for architecture and engineering (A&E) firms. Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice, sat down with Ron Wainwright, a Partner in the Firm’s Tax Credits & Incentives Advisory practice, and Sean O’Leary, a Senior Tax Manager to discuss ways 179D can help provide A&E firms with a competitive advantage.  This podcast includes:  An overview of 179D and its potential benefits Types of real estate investments eligible for 179DTechnical requirements to meet the energy-efficient benefitsImpact on A&E firms from 179D provisions for government-owned propertiesClient case studyIssues and impact of the Audit Technique Outline on 179DIf you have any questions specific to your business needs, Cherry Bekaert’s Tax Credits & Incentives Advisory team is available to discuss your situation with you. Related Resources: Case Study: Global A&E Firm Saves $2 Million with 179D Tax DeductionPodcast: The Benefits of using a CPA Firm to Perform Credits & Incentives ProjectsView All Podcasts from this Series

    24 min
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Cherry Bekaert’s podcast for professional services companies where we discuss developing trends and market dynamics as well as tax and accounting tips that could impact your business.

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